Article Highlights September 16 is the extended due date for partnership, S-corporation, and trust tax returns. Late-filing penalty for partnerships and S-corporations is $195 times the number of partners or shareholders during any part of the taxable year, for each month or fraction of a month. Late-filing penalty for trust returns is 5% of … [Read more...] about Partnership, S-Corp and Trust Extensions End September 16
Who Claims The Child?
Claiming a child can provide significant tax benefits. When couples divorce or separate, or even if the parents were never married, the question arises: who gets to claim the kids? This sometimes presents a nightmare for tax preparers. This is because often both parents will claim the same child, and in this modern era of e-filing, the first one to file and claim the child … [Read more...] about Who Claims The Child?
Who Gets Your IRA
The designated beneficiary listed on your IRA account beneficiary form determines who gets your IRA. This is true even if your will or trust names different beneficiaries. You may have filled out that beneficiary form long ago and no longer remember who you designated as your beneficiary. Perhaps your family circumstances or marital status have changed. Whenever your family … [Read more...] about Who Gets Your IRA
August 2013 Business Due Dates
August 12 - Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2013. This due date applies only if you deposited the tax for the quarter in full and on time. August 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in July. August 15 - Non-Payroll Withholding If … [Read more...] about August 2013 Business Due Dates
August 2013 Individual Due Dates
August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to … [Read more...] about August 2013 Individual Due Dates